Bumi, the scandal–hit coal miner looking to sever ties with Indonesia’s Bakrie
family, has dropped its attempt to lure former BP executive John Manzoni as
its new chairman

Mr Manzoni (right) emerged as the company’s preferred candidate in June but talks between the two sides have ended after differences of opinion over the type of chairman Bumi needs.

The board wants to appoint a City figure who can restore the faith of investors, whose confidence in Bumi has been decimated by infighting, corruption and a share price almost 80pc below that when the group came to market.

However, it now believes Mr Manzoni’s skills are largely operational. He spent 24 years at BP, ending up as the head of its refining and marketing arm, but quit after losing the battle for the top job in 2007 to Tony Hayward, the oil giant’s former chief executive.

Mr Manzoni went on to join Canadian oil explorer Talisman Energy but left last September amid some shareholder unrest.

For his part, he is thought to have had concerns over becoming involved in a company dominated by a few big shareholders.